Cullen/Frost's Jimmy Stead exercises 4,628-share award

The GEVP Chief Consumer Banking held 4,200 common shares indirectly through a 401(k) Plan as of October 24, 2026.

Rhea-AI Filing Summary

Cullen/Frost Bankers, Inc. executive Jimmy Stead, GEVP Chief Consumer Banking, exercised 4,628 restricted stock units for 4,628 common shares on October 24, 2026. On that date, 1,822 common shares were delivered or withheld for payment of exercise price or tax liability, at a reported $157.05 per share. Stead held 4,200 common shares indirectly through his 401(k) Plan as of October 24, 2026.

Insider Trade Summary

4,628 shares exercised/converted

Exercise 4 txns

Insider Stead Jimmy

Role GEVP Chief Consumer Banking

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units F1, F2	4,628	$0.00	$0.00
Exercise	Common Stock, $0.01 par value	4,628	$0.00	$0.00
Exercise Price or Tax Liability	Common Stock, $0.01 par value	1,822	$157.05	$286K
holding	Common Stock, $0.01 par value	--	--	--

Holdings After Transaction: Restricted Stock Units — 0 contracts (Direct); Common Stock, $0.01 par value — 21,002 shares (Direct); Common Stock, $0.01 par value — 4,199.912 shares (Indirect, Through 401(k) Plan)

Footnotes (2)

1. F1. Each restricted stock unit represents the right to receive one share of Cullen/Frost common stock.
2. F2. Cliff vested three years from the date of grant.

Key Figures

Restricted stock units exercised: 4,628 units Common shares acquired: 4,628 shares Shares delivered or withheld: 1,822 shares +2 more

5 metrics

Restricted stock units exercised 4,628 units October 24, 2026

Common shares acquired 4,628 shares Through exercise of restricted stock units on October 24, 2026

Shares delivered or withheld 1,822 shares For payment of exercise price or tax liability on October 24, 2026

Reported price per share $157.05 per share Shares delivered or withheld for payment of exercise price or tax liability

Indirect common shares through 401(k) Plan 4,200 shares Holding as of October 24, 2026

Key Terms

Restricted Stock Units, cliff vested, par value

3 terms

Restricted Stock Units financial

"Each restricted stock unit represents the right to receive one share"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

cliff vested financial

"Cliff vested three years from the date of grant."

par value financial

"Common Stock, $0.01 par value"

Par value is the fixed amount printed on a bond or stock that represents its original value when issued. It’s like the face value of a coin or bill—what the issuer promises to pay back or the starting price of a stock—though it often doesn’t change with market prices. It matters because it helps determine certain financial details, like how much the company will pay back at maturity.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many CFR shares did Jimmy Stead acquire and deliver or withhold?

On October 24, 2026, Jimmy Stead acquired 4,628 common shares by exercising 4,628 restricted stock units, and 1,822 shares were delivered or withheld for payment of exercise price or tax liability. The reported price for the latter transaction was $157.05 per share.

When did Jimmy Stead’s CFR restricted stock units vest?

They cliff vested three years from the date of grant; each restricted stock unit represented the right to receive one share of Cullen/Frost common stock.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/26/2026 - 05:25 PM EDT Accepted by SEC EDGAR 10/26/2026 - 05:25 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Stead Jimmy

(Last) (First) (Middle)

111 WEST HOUSTON STREET

(Street)

SAN ANTONIO TEXAS 78205

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
CULLEN/FROST BANKERS, INC. [ CFR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	GEVP Chief Consumer Banking

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/24/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, $0.01 par value	10/24/2026		M		4,628	A	$0	22,824	D
Common Stock, $0.01 par value	10/24/2026		F		1,822	D	$157.05	21,002	D
Common Stock, $0.01 par value								4,199.912	I	Through 401(k) Plan

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	$0(1)	10/24/2026		M			4,628	(2)	(2)	Common Stock, $0.01 par value	4,628	$0	0	D

Explanation of Responses:

1. Each restricted stock unit represents the right to receive one share of Cullen/Frost common stock.

2. Cliff vested three years from the date of grant.

Remarks:

	/s/ Jimmy Stead, by Kirsten Irwin under POA	10/26/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)